The dawn of a new era is upon us.
Seriously, check this out!
Our office received this New York application for a Variable Universal Life policy last Tuesday, June 26th. We processed the file and sent it up that afternoon.
As you can see, the carrier’s Home Office received the application the following day, June 27th.
The client completed the callback on Thursday, June 28th.
Friday, June 29th we received an approval and notified the advisor.
To reiterate. This application left the advisor’s hands on Tuesday and we had an offer on Friday.
Accelerated Underwriting is becoming more and more commonplace with carriers. The up-take has been slightly slower in NY but several carriers do have programs in place.
While the onset of these programs saw many qualifying limitations – Insured under 50 years old, best rate classes only, and only up to $250K of coverage – we are now seeing carriers make offers up to age 60, rate classes as low as standard, and up to $1MM in coverage.
This is new territory and will bring immediate value to your practice.
We look forward to exploring these programs in much greater depth with you.